The comparative statements of Painter Tool Company are presented belovw PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,817,200 1,012,800 804,400 516,400 288,000 $1,749,800 970,000 779,800 475,600 304,200 Interest expense Income before income taxes Income tax expense Net income 17,700 270,300 80,000 $190,300 15,000 289,200 77,900 $211,300 PAINTER TOOL COMPANY Balance Sheets Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory $60,700 70,900 116,500 123,300 371,400 596,300 $967,700 $63,400 50,100 102,500 116,000 332,000 520,900 $852,900 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities $160,600 43,500 204,100 201,900 $144,300 42,200 186,500 201,900 Accounts payable Income taxes payable Total current liabilities Bonds payable